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Upstream A&D Stumbles Toward Second-Quarter Finish Line
23 Jun 2017 at 1:50pm
The recent dominance of Permian Basin A&D?while firmly intact?seems to have sputtered in its sheer audacity as the second quarter begins to wrap. While first-quarter megadeals were almost exclusively in the Permian?accounting for about $12.7 billion in value?that has shifted through June 23. The second quarter?s largest deals were instead in the Appalachia and San Juan basins. EQT Corp.?s (NYSE: EQT) $8.2 billion headliner acquisition of Rice Energy Inc. (NYSE: RICE) not only helped prop up A&D values late in the quarter but also opened up the question of whether broader consolidation might be on the way.

US Drillers Add Oil Rigs For Record 23rd Week In A Row
23 Jun 2017 at 10:18am
U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week?s decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said in its closely followed report.That is more than double the same week a year ago when there were only 330 active oil rigs. Drillers have added rigs in 52 of the past 56 weeks since the start of June 2016.

Marketed: Stack And Midcontinent Assets, Payne Exploration
23 Jun 2017 at 9:30am
Privately-held Payne Exploration Co. is offering its E&P assets, which include an acreage position in Oklahoma?s Stack Play, in a complete or partial sale. The offer comprises the company?s Stack assets within the Sooner Trend/Anadarko Basin in Kingfisher and Logan counties, Okla., and other assets across multiple basins and counties in Oklahoma, Kansas, Nebraska and Texas. The company and its affiliates retained Energy Capital Solutions LLC (ECS) to handle the sales process. Founded in 1951 by W.C. Payne, Payne Exploration holds about 28,591 net acres across the Midcontinent region, all of which are being marketed.

Cheniere To Deliver First LNG Cargo To S. Korea?s KOGAS
23 Jun 2017 at 7:44am
Korea Gas Corp. (KOGAS) will receive its first LNG cargo in early July under a long-term supply deal with U.S. exporter Cheniere Energy Inc., two sources at the South Korean company said on June 23. The 74,000-tonne LNG cargo was loaded from Cheniere?s Sabine Pass, La., export terminal and is scheduled to arrive at the port of Tongyeong, South Korea on July 2, one of the sources said. Both sources declined to be identified. The 20-year supply deal, under which KOGAS will receive 2.8 million tonnes of the supercooled fuel per year from Cheniere, had long been expected to kick in this year, but its exact start time was not known in markets.

Permian-Focused Callon Petroleum Names Correne Loeffler As Interim CFO
23 Jun 2017 at 7:05am
Callon Petroleum Co. (NYSE: CPE) appointed Correne S. Loeffler as its interim CFO, the Natchez, Miss.-based company said June 22. Loeffler joined Callon Petroleum in April from JPMorgan Securities LLC where she spent the past 10 years in the corporate client banking group, including her service as Callon's relationship manager since 2013. She will assume her new role at the Permian Basin-focused company from CEO Joe Gatto, previously CFO. Gatto was named CEO of Callon Petroleum in late May following the unexpected death of the company's former leader Fred Callon. At the time, Gatto continued performing his current duties as the company's president and CFO.

Three Companies Merge To Create SolstadFarstad
23 Jun 2017 at 6:13am
Solstad Offshore, Farstad Shipping and Deep Sea Supply have merged to become SolstadFarstad, providing offshore service vessels, the newly formed company said in a June 22 news release. The Skudeneshavn, Norway-headquartered company, which also has activity in the renewable energy sector, has a fleet of about 150 vessels. Currently, two well vessels and a harvest vessel are under construction.

Oil Prices Edge Up, Still Set For Biggest First-Half Fall Since 1990s
23 Jun 2017 at 6:05am
Oil edged up on June 23, recovering from a 10-month low U.S. prices hit earlier this week, but crude remained on course for its biggest first-half decline in almost two decades as production cuts have failed to sufficiently reduce oversupply. Brent crude futures were up 14 cents at $45.36 a barrel (bbl) at 6:38 a.m. CT (11:38 GMT). West Texas Intermediate (WTI) crude futures traded at $42.87/bbl, up 13 cents on their previous close. Oil prices have fallen about 20% this year despite an effort led by OPEC to cut production by 1.8 million bbl/d.

Analysts: Water Needs, Spend To Escalate
23 Jun 2017 at 5:00am
Horizontal drilling and upsized completions have fast-forwarded the oil and gas industry?s demand for water. At the same time, the lower for longer oil price recovery has placed ever more pressure on operators to cut costs, including for water, according to a new report, ?Water for U.S. Hydraulic Fracturing,? from Bluefield Research. The report forecasts that at a flat rig count of 650, 20.8 billion barrels (bbl) of water will be required for hydraulic fracturing from 2017 through 2026. Last year, fracturing consumed more than 1.3 billion bbl of water and produced 574 million bbl of water for disposal. Investors and industry players are positioning to play a role in this growing water market.

India LNG Players Look To Capitalize On Qatari Turmoil
23 Jun 2017 at 4:18am
On the heels of the plunge in LNG prices, Indian players have become some of the most aggressive in trying to renegotiate for favorable terms that are more reflective of the current market. Among them, Petronet LNG reneged on its contract with Qatar, refusing to take delivery on the volumes at their previously negotiated prices. Recognizing the state of the market and its own ability to be flexible, Qatar acquiesced and renegotiated the entire deal. Now, it is possible that India again smells blood in the water with respect to Qatar. As the former looks to move to a gas-based economy, India is seeking to have Qatar become a partner in its gas-fired power plants as a condition for renewing LNG contracts. Stratas Advisors certainly expects India?s 20 million tonnes of LNG import capacity to grow rapidly in the coming few years, but it should be noted that the historic bottlenecks within India?s power supply chain have not been a function of regasification capacity. Rather, many of the key gas-fired power plants in India do not have adequate access to gas pipelines, causing them to run at a much lower rate than that of which they are capable. As such, the proposal from India?s oil minister would include Qatari involvement in solving the problem of these stranded power plants in an effort to decrease the blackouts and power shortages that have hampered India?s economy.

Jones Energy Exits Arkoma Basin, Sights Set On Merge Play
22 Jun 2017 at 1:45pm
Jones Energy Inc. (NYSE: JONE) will exit the Arkoma Basin after entering agreements to sell several noncore assets for up to $67.5 million?exceeding analyst expectations by roughly 35%. Jones said the Arkoma deals consist of a $65 million cash payment and up to $2.5 million in a contingency payment based on improving natural gas prices. The company has also sold other noncore assets worth $2.5 million in 2017, bringing its total announced divestitures to $70 million so far this year. Jones did not disclose any of the buyers of its Arkoma assets.

Lonestar Resources Posts 'Eye-Popping' Eastern Eagle Ford Update
22 Jun 2017 at 9:15am
Lonestar Resources US Inc. (NASDAQ: LONE) on June 21 provided impressive results from its Wildcat B #1H well located in Brazos County, Texas, in the eastern Eagle Ford Shale. The Wildcat B #1H well, which has now been on production for 40 days, has established a 30-day production rate of 2,123 barrels of oil equivalent per day (boe/d), Lonestar said. Previously, the Fort Worth, Texas-based company had announced initial test rates of 1,475 boe/d for the well. Mike Kelly, head of E&P research at Seaport Global Securities, said the 30-day rates for Lonestar's eastern Eagle Ford well was "eye-popping."

Rubicon Strengthens Downhole Completions Portfolio With Acquisition
22 Jun 2017 at 8:55am
Rubicon Oilfield International acquired the assets, people and operating business of Calgary, Alberta-based World Oil Tools Inc. for an undisclosed amount, the company said June 12. Established in 2000, World Oil Tools is a manufacturer and supplier of specialty inflatable products and technology consumed in downhole completions operations. The company footprint ranges from U.S. unconventional basins to complex international land and offshore environments, according to a company press release. Rubicon said it expects the acquisition to strengthen its downhole completions solutions portfolio, enabling the Houston-based company to offer high-value inflatable packers, external casing packers and drillstem testing technology to customers around the world.

Gulfport Energy Releases 'Encouraging' Scoop Well Results
22 Jun 2017 at 8:15am
Gulfport Energy Corp. (NASDAQ: GPOR) on June 21 released 'encouraging' initial results from the Oklahoma City-based company's first operated Scoop wells from the Vinson pad. Gulfport's Vinson 2-22X27H produced at an average 30-day peak production rate of 15.7 million cubic feet equivalent per day (MMcfe/d) and the Vinson 3R-22X27H's average 30-day peak production rate was 18.7 MMcfe/d, according to the company's press release. The Vinson 2-22X27H and Vinson 3R-22X27H are located in the wet gas window in southern Grady County, Okla. Both wells were completed earlier in the second quarter using an enhanced completion design of about 180-ft stage lengths and roughly 2,400 pounds per ft of proppant loading, according to Tudor, Pickering, Holt & Co. (TPH).

US Wants Answers In Qatar Dispute Threatening LNG Exports
22 Jun 2017 at 8:05am
In its ongoing dispute with Qatar, ostensibly over the funding of terrorism, the Gulf Cooperation Council (GCC) has apparently created a list of demands for the world?s largest LNG exporter. U.S. Secretary of State Rex Tillerson said June 21 that he is hopeful demands from Saudia Arabia, the United Arab Emirates (UAE), Egypt and Bahrain ?will soon be presented to Qatar and will be reasonable and actionable.? Tillerson added that the U.S. supports Kuwaiti mediation efforts to resolving sanctions on Qatar that have created logistical problems due to a blockade of country, raised tensions over its ties with Iran and led to worries of food shortages and even the death of camels worth $75,000 each.

Tropical Storm Makes Landfall, Little Impact On Oil, Gas Production
22 Jun 2017 at 6:20am
Energy companies with operations in the Gulf of Mexico (GoM) reported little impact on production as a result of Tropical Storm Cindy. Shell suspended some well operations and Anadarko Petroleum, ENI and Enbridge said they had evacuated non-essential personnel. Entergy Corp., the biggest power company in the Gulf Coast area, said about 4,200 of its 2.9 million customers in Arkansas, Louisiana, Mississippi and Texas were without power Thursday morning.

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